Newport Coast

$1410 a square foot?, $1410 a square foot?, $1410 a square foot?, $1410 a square foot?, $1410 a square foot?,$1410 a square foot?...did I tell you it was $1410 a square foot?



Darn it Skek. You beat me to the punch
 
58 Chandon just listed on redfin in Newport Ridge for $999k, but just down the street same condo at 39 Chandon is listing for $800k or about $200k less. WTF?





<a href="http://www.redfin.com/CA/Newport-Coast/58-Chandon-92657/home/5530064?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1">www.redfin.com/CA/Newport-Coast/58-Chandon-92657/home/5530064?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1</a>
 
39 Chandon NC Renter is a non approve short-sale price.



58 Chandon is not a short-sale price.



39 is on the non view side, 58 is on the canyon view side.



Moral of the story folks people can ask whatever they want for their homes, regardless if they have to sell, want to sell, or end up loosing their homes because of their ignorance. That crystal cove home could be listed for $2,000 a sq.ft.. Doesn't mean didly squat, it's just wasting everybody's time.
 
Skek,



I think that the Crystal Cove Prices are going to come down even more than you project. Right now, a "get 'er done" price is in the eights. I think that the pool of potential buyers for that sort of thing is a fraction of what it was at the peak, and that the law of alternatives (Pacific Ridge, the Pelicans, Laguna, CdM, Newport, Balboa, Shady, Laguna, etc.) will swamp the pricing. Once the price gets below $800.00 psf, most of Crystal Cove will be under water, and the NOD's will come faster.
 
One other note on places such as Crystal Cove - the banks are not going to sit on REO's much this year. All the news out tof the banks in the past few days is that the banks are grossly undercapitalized, so they will be selling homes much faster.
 
Here is a nice comp setter in Pienza...

<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/60/hr96110960-11.jpg" alt="" />



7 Wayside - Pienza Pacific Ridge

Bank Owned

4 Bed

4.5 Bath

2 car garage (plus 3rd tandem)

3,557sq.ft.

lot size 6,981sq.ft.

No ocean view (peek-a-boo canyon view)

Total 89 days on the market

Original list price: $1,990,000

<strong>Sold </strong>$1,610,000 ($452p/sq.ft.)

Close of escrow: 1-21-09





Averging the 6 other Pienza homes that have sold in the MLS comes out to $2,595,714 (low $2.1m, high $3.32m).

7 Wayside - 38% off the average sold Pienza Price
 
We are soooooo... having an IHB party at Skekker's house when he buys his new prop. Look, it is even prepped for us...



http://i-0.rfimg.us/photo/46/bigphoto/889/U8002889_6_0.jpg



A little singing along from the piano bar...



http://i-0.rfimg.us/photo/46/bigphoto/889/U8002889_9_0.jpg



Here is where you will find Deuce passed out...



http://i-0.rfimg.us/photo/46/bigphoto/889/U8002889_11_0.jpg



A little pool, maybe a poker table could fit in there too...



http://i-0.rfimg.us/photo/46/bigphoto/889/U8002889_14_0.jpg



Who is getting naked? Hopefully not Skek, but other IHBers...



http://i-0.rfimg.us/photo/46/bigphoto/889/U8002889_2_0.jpg



Where Ten will take care of his latest conquest...



http://i-0.rfimg.us/photo/46/bigphoto/889/U8002889_16_0.jpg



Bring your buckets of golf balls, cuz... we will be playing rooftop golf Entourage style. The bigger the name under roof, the higher the points!



http://i-0.rfimg.us/photo/46/bigphoto/889/U8002889_19_0.jpg



Now... that is what I call a party!



So Skek, get on it, you owe it to the IHBers now to buy a comparable place. We expect nothing less. Everything above is now your gold standard.
 
[quote author="skek" date=1233384585]<a href="http://www.redfin.com/CA/Newport-Coast/32-Shoreridge-92657/home/4747700">32 Shoreridge</a>, a Pelican Crest custom and one of my favorite houses in Newport Coast, just went to backup offers status after 219 days on the market.



<img src="http://i-0.rfimg.us/photo/46/bigphoto/889/U8002889_1_0.jpg" alt="" />



<img src="http://i-0.rfimg.us/photo/46/bigphoto/889/U8002889_4_0.jpg" alt="" />



They have been aggressively searching for a buyer and finally have found one. It will be interesting to see the closing price and its effect on other luxury properties in the area.



sell4u -- any additional info?</blockquote>


I'm excited to find out the final sale price, hopefully it will be published.

50 Shoreridge just closed for $4,995,000. $730p/sq.ft. 4 car garage, 20,000sq.ft. lot, 6,800sq.ft. Similar views to the home above.



These owners were very aggressive with price reductions. Went into escrow at $4.5m.

The configuration of the house and lot is narrow (the pictures make it much larger than it really is). Pool in the front, backyard is really tiny. Views are limited to Pelican Ridge homes / Canyon / Coral Cay Crystal Cove area.

About a 6,500sq.ft. home, lot size I believe was around 15,000sq.ft.

Skek - we're gonna find you a sweeping Catalina, Ocean, Harbor, City light view within PC :)
 
[quote author="freedomCM" date=1233399980]sf/lot size? their tax base is (only!) 2M, so they are still looking at making money, unless that was for a bare lot.</blockquote>
they pulled money out, but they will be fine.
 
[quote author="sell4u" date=1233454320]Skek - we're gonna find you a sweeping Catalina, Ocean, Harbor, City light view within PC :)</blockquote>


Just make sure there is a patch a grass that has that view and isn't blocked by trees, shrubs, or houses. I plan on busting out my 3-wood so I can hit Daniel Sadek on the head, and put everyone out of the misery of watching and reading about him crashing and burning. K, thx.
 
[quote author="Roo" date=1211180062]I was involved in a conversation with someone living in NC. Some people from TX where asking how the OC market was going. His answer was that OC was down 20-25% (correct), but that coastal properties were holding up (incorrect). The funny thing is that he bought in 2006 for $6.0M, but he doesn't even have an ocean view.</blockquote>


His property is now on sale



<a href="http://www.redfin.com/CA/Newport-Coast/15-Skyridge-92657/home/4747753">Link</a>



I'm wondering why he is doing this...trouble with the mortgage, moving, etc.?
 
[quote author="Roo" date=1234255530][quote author="Roo" date=1211180062]I was involved in a conversation with someone living in NC. Some people from TX where asking how the OC market was going. His answer was that OC was down 20-25% (correct), but that coastal properties were holding up (incorrect). The funny thing is that he bought in 2006 for $6.0M, but he doesn't even have an ocean view.</blockquote>


His property is now on sale



<a href="http://www.redfin.com/CA/Newport-Coast/15-Skyridge-92657/home/4747753">Link</a>



I'm wondering why he is doing this...trouble with the mortgage, moving, etc.?</blockquote>


It is a family/personal issue. Also doesn't help that the home next door is ALSO for sale at basically the same price. Both owners bought at the top of the market.



Still though, too many WTF prices in Pelican Crest right now, and all of NC. Just look at the Seacrest and Seapoint resales coming on the market in CC with these extreme WTF prices. If prices were still going up, they'd be fine.



Remember, sellers can ask whatever they want to ask. They are suppose to look to a realtor to give them an accurate market value of their home. Whether the realtor and owner team up together to overprice the home, or whether it's the decision of the owner, or whether its ignorance on behalf of the listing agent, we don't know every case is different.



Nobody is getting out of their home in Newport Coast for the price they bought in 2006 or 2007.



The trend with most WTF prices in NC is to list the home for $10.0m and hope for a $5.0m offer. The only problem is you might get no offers, linger on the market, linger and linger, and then end up selling for less than if you would have just priced aggressively from the beginning.
 
<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/65/hr96143165-1.jpg" alt="" />





Late 2003 rollback on a condo for sale in Newport Coast

Bank owned, Plan 3

Community: The Summit

DOM - 95 (CDOM - 464)

List date - 11/6/2009 $759,900

2-7-2009 $724,900

2-11-2009 $689,900 ($400p/sq.ft.)



Last Plan 3's sold at this price:

$685,000 12/29/2003

$520,000 1/21/2003

25% appreciation in less than 12 months during the 'glory days'
 
[quote author="Roo" date=1234255530][quote author="Roo" date=1211180062]I was involved in a conversation with someone living in NC. Some people from TX where asking how the OC market was going. His answer was that OC was down 20-25% (correct), but that coastal properties were holding up (incorrect). The funny thing is that he bought in 2006 for $6.0M, but he doesn't even have an ocean view.</blockquote>


His property is now on sale



<a href="http://www.redfin.com/CA/Newport-Coast/15-Skyridge-92657/home/4747753">Link</a>



I'm wondering why he is doing this...trouble with the mortgage, moving, etc.?</blockquote>


Wow, that interior is hideous. We live in Southern California, people! NOT 19th Century Tuscany.



Uggghhh.
 
[quote author="JoonB" date=1234424021]sell4u

Do you know the story behind 16 Bandol?

http://www.redfin.com/CA/Newport-Coast/16-Bandol-92657/home/5810651



I saw the house with my husband- and I can't believe these people bought at over $2 million for this house- and it has awful tile throughout the first level. The yard/pool were nice, but inside, the touches weren't there. Also- I didn't care that it had only 3 bedrooms upstairs.



What do you think this house will finally sell for?</blockquote>


JoonB



16 Bandol is a short-sale, but does not appear to be lender approved....



What do I think the home will sell for? Somewhere around $1.6m/$1.8m. What do I think the home should sell for? Somewhere in the low to mid $400p/sq.ft. range. (i.e. $1.4m-$1.6m) I am bearish



There's about $2.3m owed, and since the home is not yet lender approved, it really doesn't matter yet what I think it's worth, it's all up to the bank at this point, and if they actually do in-deed approve the short-sale. And then the $1.6m/$1.8m question is, how many buyers out there willing to pay a number around there?
 
[quote author="OC Zed" date=1234425333][quote author="Roo" date=1234255530][quote author="Roo" date=1211180062]I was involved in a conversation with someone living in NC. Some people from TX where asking how the OC market was going. His answer was that OC was down 20-25% (correct), but that coastal properties were holding up (incorrect). The funny thing is that he bought in 2006 for $6.0M, but he doesn't even have an ocean view.</blockquote>


His property is now on sale



<a href="http://www.redfin.com/CA/Newport-Coast/15-Skyridge-92657/home/4747753">Link</a>



I'm wondering why he is doing this...trouble with the mortgage, moving, etc.?</blockquote>


Wow, that interior is hideous. We live in Southern California, people! NOT 19th Century Tuscany.



Uggghhh.</blockquote>


I've been inside this Bacchus built home, it's not as bad as it appears in the photos. The only issue is the asking price. If you think the inside of that home is hideous, you shoulda saw the inside of 11 Shoreridge, holy cow I wanted to hurl.
 
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